When considering software options for your community association management company, there are many features one should be reviewing. Is the accounting fully integrated so that bank reconciliation is a breeze? Are the property management features fully mobile? The list goes on and on.
But when you’re thinking about your 2022 strategy to grow your company, have you considered how your software provides that growth potential? And is your software solution providing to you more than just a product, but a vehicle that drives portfolio growth, customer retention, and even employee morale?
There are many questions to ask to determine if your software solution is up to par, but beyond the features and benefits, here are three questions to ask yourself about your software solution to catapult your ’22 growth plans:
Do one search on LinkedIn for community management and you’ll find over 5,000 openings – seriously! Hiring and retaining good talent is a problem in every industry right now, and it’s the number one issue that many CAM owners cite as their key challenge.
So what does this have to do with software? Plenty. Fragmented software solutions increase the time it takes to complete tasks that keep employees from focusing on other aspects of the job. If someone is spending hours on end reconciling mismatched budgets, those are hours that aren’t spent working with homeowners and board members to consult on ways to improve the community. It also leads to late month-end reports, which in turn frustrates board members.
As the Pandemic and natural disasters continue to surge, burnout amongst community and property managers is also on the rise. This burnout can be alleviated through technology that empowers the homeowner. Software that takes the guesswork and legwork out of an employee’s daily grind keeps the team aligned to the goal at large – provide an incredible homeowner experience that helps the company grow. Bill Ashby, founder of Gulf Coast Community Management, was able to decrease customer call volume by over 50% by switching software. This means he and his team can focus on helping homeowners thrive instead of just getting by.
The quick switch to a work-from-home environment last year opened up many companies to vulnerability, and that vulnerability hasn’t seemed to subside. Phishing, ransomware, and a new focus on mobile devices continue to cause multiple cybersecurity threats that are impacting the community at large. The Colonial Pipeline breach that caused a massive gas shortage in the south this past May was caused by one employee opening a fraudulent link in an email.
Your software solution should absolutely be a partner with you to ensure your data and homeowners’ finances are protected. Multi-factor authentication, private cloud hosting environments, endpoint monitoring and regular employee training are just a few must-haves. Our assessment will help you understand how protected your company is from a cyber attack, and the steps you can take to improve security standards.
Finally, it’s important to remember the end goal in any software solution, and the goal that every community association management company has to assure growth and retention. Many software features improve efficiencies for the accounting and property management team, as it should. At the end of the day, though, the reason behind every software feature should be to improve the community experience for the homeowner. After all, if the homeowner is satisfied, HOA board members are satisfied, and the association management company remains a trusted partner.
Custom-branded website portals, homeowner and board mobile apps, and banking integration are just a few things one can have within their software to enhance homeowner efficiency and communication. If homeowners are able to view, for instance, the status of their ACC request from their phone in real time, they won’t have to waste time calling the HOA office for a status update. To determine if your software provider is focused on homeowner experience, one should simply ask, “How does your solution make homeowners satisfied with their HOA experience?”
These are just a few questions one can ask about their software solution, but there is of course a more detailed approach that needs to be completed when considering a switch. Take a peek at our Ultimate Buyer’s Guide to see how you can go about the process of determining the right solution for you.